The Shiba Inu price has started to struggle after two weeks of aggressive bullishness, which started on July 12 and resulted in a 34 per cent surge before the current price drop. Today, Shiba Inu is down by 2 percent, extending yesterday’s strong bullish move of 7 per cent.
The recent surge in Shiba Inu prices came amidst reports that the memecoin would be launching a collectable card game for its metaverse. In addition, there were also reports indicating the platform’s plan to launch a stablecoin.
The extension of the Shiba Inu ecosystem will see the platform slowly transition from one of the most popular memecoin to a utility coin. In a Medium blog post, it was stated that developers were working on launching a stablecoin called SHI. The post goes on to add that the SHI stablecoin would avoid issues found in other moonshots, which in the past have become failed projects, resulting in billions of dollars in losses.
The idea of a metaverse has also been in discussion, with TREAT, the reward token for the metaverse, already tied to the Shiba Collectible Card Game.
On July 20, Shiba’s price pierced through the $0.0000125 resistance level. However, it didn’t take long before the prices retraced back to trade below the resistance level. Since then, the prices have been dropping, with the bearish trend peaking during yesterday’s trading session when Shiba Inu’s value dropped by 7 per cent.
Today, the trend looks to be continuing, with early data showing a price drop of 2 per cent. The chart also shows a likelihood that today’s trading session is poised to continue with the drop. The chart also points to a continued price drop in the next few trading sessions.
Therefore, my Shiba Inu price prediction expects the prices to continue falling and possibly hit the $0.0000095 price level. However, should the prices retreat and trade above yesterday’s opening price of $0.0000116, then my analysis will be invalidated.
This post was last modified on Jul 27, 2022, 09:32 BST 09:32